Remote payments to account for 57% of all biometric transactions by
2023

July 24, 2018 04:30 AM Eastern Daylight Time

BASINGSTOKE, England--(BUSINESS WIRE)--A new study from Juniper
Research has found that mobile biometrics will authenticate $2
trillion worth of in-store and remote mobile payment transactions
annually by 2023. This is 17 times the $124 billion expected in 2018, as
initiatives furthering secure remote payment transactions and more open
biometric platforms proliferate.

The research forecasts that the fastest growth will come from
biometrically-verified remote mCommerce transactions, reaching over 48
billion in volume by 2023. This will be around 57% of all biometric
transactions, up from an estimated 28% in 2018.

Juniper anticipates that over 80% of smartphones will have some form of
biometric hardware by 2023, representing just over 5 billion
smartphones. This has traditionally meant fingerprint sensors, but
facial recognition and iris scanning will become more prominent over the
next 5 years, with adoption exceeding 1 billion devices.

Biometrics Gets Behavioural

Despite this hardware proliferation, Juniper believes the main
innovations in mobile biometrics lie with ‘Biometrics-as-a-Service’,
software which employs AI to check users’ identities on any platform.

Juniper’s report estimates that nearly 90% of smartphones currently in
use can support software-based facial recognition, while 80% are capable
of voice-based payments. Juniper believes that these services, as well
as tracking user behaviour, will enable secure cloud-based identity
checks that are cross-platform and authenticate in the background. The
research forecasts over 1.5 billion smartphones to use software-based
biometrics by 2023.